Telehealth platform Hims & Hers announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors on Monday. Schultz, who has over 25 years of experience in the pharmaceutical industry, is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm for joining Hims & Hers, stating, “In my long career in the pharmaceutical industry, this is the first company I have seen that is leveraging today’s modern tools to truly break down barriers and change the status quo of how people access the health solutions they need to live their fullest lives.”
Following the announcement, Hims & Hers shares rose 3%, reflecting a 125% increase since the start of the year. The news follows the company’s recent launch of a compounded version of semaglutide, the ingredient found in widely-used diabetes and weight loss medications Ozempic and Wegovy, produced by Novo Nordisk. Hims & Hers is offering a month’s supply of the compounded medication for $199, significantly lower than the retail prices of Ozempic and Wegovy.
The shortage of these popular medications has prompted telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act, which allows the sale of compounded medications that are currently in short supply. Compounding involves creating customized versions of approved drugs by licensed pharmacists or physicians to meet individual patient needs.
Typically, the act prohibits the compounding of drugs that are simply replicas of commercially available medications; however, the FDA does not classify drugs in shortage as commercially available. Schultz indicated that he sees a “long future” for selling compounded semaglutide, and noted that there would continue to be circumstances requiring individualized prescriptions even after shortages are resolved.